Infographic: Benefits of Project Management: Stats Businesses Should Know

What are the benefits of project management for businesses today?

During the course of 2020, the need for businesses to adopt new technology to meet modern challenges became more pronounced than ever.

It could be cybersecurity to counter increasing threats, IT support to deal with remote workers, or digital marketing to reach new audiences—whatever the case may be, technology can help; but businesses must be careful to ensure their implementation plans aren’t burdened with poor project management.

The unfortunate truth for many businesses is that their implementation projects often go awry

A significant number - around 70% - of companies experience digital transformation failure.

The reasons for this often boil down to the implementation process, and by extension the management of the project.

Having a dedicated project management program for your tech projects is a great way to ensure that you’re giving your implementation the best chance of success, and for this reason, many businesses seek support from managed service providers for their tech plans.

In light of this renewed emphasis on the importance of project management when it comes to modern tech projects, we’ve put together this infographic to demonstrate the necessity for businesses to have a quality project management strategy in place. Take a look!

Project management is a crucial aspect of ensuring the successful adoption and implementation of new technology in an organization. To find out more about how Impact can help you achieve your digital goals, check out our project management consulting services.

Infographic in written form

Benefits of Project Management: Stats Businesses Should Know  

As project management solutions become an ever-present part of business operations, more and more organizations are looking to incorporate them, but what exactly are the benefits of implementing PM software?  

Take a look at this infographic to find out. 

1. 50% of projects in organizations that undervalue project management as a strategic competency for driving change see them fail outright. 
2. Wasted investment due to poor project performance declined to 9.4% from 11.4% between 2019 and 2020, as a result of increased adoption of PM solutions. 
3. 50% of respondents in a survey said that they spend one or more days manually collating project reports—highlighting the productivity gains on offer by using project management software. 
4. 55% of organizations do not have access to real-time project KPIs. 
5. 37% of projects fail due to the lack of defined project objectives and milestones. 
6. 27% of projects usually run over budget. 
7. 80% businesses say they spend at least half their time on rework, usually due to a lack of clear objectives and alignment. 
8. PM software adoption remains low. As per Wellingtone’s survey, only 22% of organizations use a PM software.  

Sources: 

1. Project Management Institute,Pulse of the Profession 2018, 2018
2. Project Management Institute,Pulse of the Profession 2020,2020 
3. Wellingtone,State of Project Management, 2018 
4. Ibid
5. PMI, 2017
6. Ibid
7. Geneca,Doomed From the Start?, 2017 
8. Wellingtone,State of PMI